KAMPALA – Xente Tech Limited, a home-grown real-time payments, and financial services provider has on Wednesday, Septermber 21 launched a much-sought Visa-backed business card as it looks to expand its offerings in the growing tech space.
The fintech said it has inked a strategic partnership with Ecobank, a pan-African banking conglomerate, with banking operations in 36 African countries to co-launch what they are describing as “a Visa Card that means Business.”
The new arrival, the Xente-Visa card, will enable customers to make payments to online and offline vendors, disburse money, and manage business expenses, all in real-time, Mr. Allan Rwakatungu, Xente’s Founder and CEO said during the launch held at the MOTIV, in Kampala.
“Our solution will help finance and accounting teams manage the complexity of financial payments in a one-stop platform. We will save companies a lot of money and countless person-hours,” he said, explaining that:
“Managing a business and its money has become more complex; teams are distributed and remote, payments to vendors are online and global, business is digital”.
The card, he said, will be issued to Xente customers in both virtual and physical forms. Xente Tech has amassed over 500 business customers including Jumia, TPO, Mkopa, Financial Sector Deepening, The Innovation Village.
With the Visa and Ecobank-enabled card solution, businesses and their teams can make payments for online and offline purchases, anywhere in the world, and their finance and administration teams will be able to control and monitor this spending in real-time.
“The Xente Visa cards will provide versatility for business, and can be used to pay online vendors, petty cash, travel, per diem, meals, reimbursements, and disbursements,” a joint statement said.
Visa’s Vice President and General Manager for East Africa, Corine Mbiaketcha said fintechs can unlock unique opportunities “for us and our clients”.
“Such collaborations at the country level will empower business owners to digitize their payments and avoid inefficiencies associated with cash and paper-based systems, whilst taking control of and effectively managing their finances and business expenses. We are confident that with Xente, we will execute remarkably in the market.”
On her part, Ecobank Uganda’s Managing Director, Grace Muliisa, said the bank will continue to support technology rollout as part of the bank’s economic development agenda.
“We know financial inclusion can ultimately contribute to economic development and this collaboration to issue the Xente Visa Cards is a further demonstration of Ecobank’s commitment to providing affordable, simple, and innovative solutions for corporates across Africa which is a key strategic driver towards achieving this goal.”
Last month, Xente obtained the Payment Systems Operator (PSO) license from the Bank of Uganda, in what experts described as the regulator’s approval of Ugandan founded fintech.
The National Payment System Act-2020, implemented under the National Payment Systems Regulations, seeks to drive the digitization of Ugandan entities as well as streamline payment system operators in Uganda.
Rwakatungu told reporters that the Visa card and the BoU license shows represent a commitment to Xente customers, partners, and other stakeholders that they are offered a safe and compliant service.